Pfizer CEO shuffling lineup of top executives

Pfizer Inc. Chief Executive Officer Jeffrey Kindler will replace his top research and finance officers as he leads a restructuring of the world's largest drugmaker.

John LaMattina, global head of research, will retire and Alan Levin resigned as chief financial officer, the New York-based company said Monday. The two executives had a combined 50 years of experience at Pfizer.

Kindler, the 52-year-old former McDonald's Corp. lawyer who took the top Pfizer job in July, has replaced the drugmaker's pharmaceuticals chief and started cutting 10,000 workers. He is under pressure to bring more new drugs to market because patent expirations and generic competition will cost Pfizer more than $20 billion in revenue by 2011.

"There probably was an element of pushing here to get new blood," said Paul Diggle, a London-based Nomura Code analyst. "The company has gotten classically stuck and the pressure has increased a lot on these guys."

Shares of Pfizer fell 2 cent to $27.42 in New York Stock Exchange trading. They have gained 5.9 percent this year.

LaMattina, 57, led Pfizer's push to develop new products, including the failed cholesterol pill torcetrapib, one of Pfizer's most promising experimental drugs. Studies linked the treatment to elevated blood pressure and showed it wasn't effective in lowering cholesterol.

Torcetrapib was supposed to replace Lipitor, the world's top-selling drug, accounting for more than 40 percent of Pfizer's sales. Patent protection on Lipitor runs out as soon as 2010.

LaMattina will retire by Dec. 31 after 30 years at the company, Pfizer said. Spokesman Ray Kerins declined to comment further. Pfizer will search inside and outside the company for a successor, and LaMattina agreed to stay on to ensure a smooth transition, the company said.

"Now is the time for a leadership transition, so that we have the right leader in place to bring our innovative new medicines forward," LaMattina said in the company statement.

Levin, 45, who was named CFO in March 2005, is leaving after 20 years to "pursue career opportunities outside Pfizer," the company said. Levin agreed to continue in his position while the company seeks his replacement.

Pfizer will probably look for a finance chief who is "highly credentialed" and has "significant visibility with investors," said Deutsche Bank analyst Barbara Ryan in a note to clients Monday.

Levin took over as finance chief for David Shedlarz, who was named vice chairman and is one of Kindler's closest advisers. Levin had a low profile on Wall Street while Shedlarz continued to play the leading role in discussing finances at investor meetings and on analyst calls.